Slow Start for High-Density Homes
Calgary’s housing market opened 2026 with a slower start, particularly in higher-density segments such as apartments and row homes. January recorded 1,234 sales, a 15% decline year-over-year, though activity remained in line with typical seasonal levels for the month.
Sales eased across all property types, but the most pronounced pullbacks occurred in apartment and row-style homes. According to CREB Chief Economist Ann-Marie Lurie, buyers in higher-density segments were slower to return following the December pause, as increased supply across resale, rental, and new-home markets reduced urgency. At the same time, sellers were quick to list, pushing the sales-to-new-listings ratio down to 44%, largely due to activity in apartments and row homes.
As a result, inventory climbed to 4,391 units, the highest January level since 2020. Market conditions now vary significantly by property type, with detached homes remaining balanced while apartments face clear buyer’s market conditions.
Pricing Overview
Benchmark prices remain lower than levels seen at the start of last year due to price declines in the latter half of 2025. However, seasonally adjusted figures suggest relative stability compared to the end of 2025.
On a year-over-year basis, the total residential benchmark price declined nearly 5%, largely driven by oversupply and price adjustments in apartment and row-style homes.
Detached Homes
Detached homes continued to show relatively balanced conditions in January.
Sales: 657
New listings: 1,243
Inventory: 1,753 units
Months of supply: Under 3 months
Sales-to-new-listings ratio: 53%
The unadjusted benchmark price was $724,000, slightly lower than December and over 3% lower than January 2025, reflecting price softening in the second half of last year. Price declines ranged from less than 1% in the West district to over 6% in the North East, with most monthly adjustments occurring in the City Centre and North West.
Semi-Detached Homes
Semi-detached homes accounted for about 10% of total market activity.
Sales: 118
New listings: 251
Months of supply: 3.5 months
While new listings rose faster than sales, conditions remained relatively balanced. Increased supply since late 2025 has helped stabilize pricing.
Benchmark price: $667,000
Month-over-month: Stable
Year-over-year: Down 1%
Prices remained higher year-over-year in the North West and West districts, while other areas experienced modest declines.
Row Homes
Row homes faced the most notable slowdown outside of apartments.
Sales: 186 (down nearly 25% YoY)
Months of supply: Above 4 months
Despite rising inventory, the benchmark price remained stable month-over-month, supported by gains in the City Centre and West districts. However, prices were 5% lower than January 2025. The steepest year-over-year declines occurred in the North East and East, followed by the North and South East, where competition from new homes has been strongest.
Apartment Condominiums
Apartment-style homes continued to experience significant supply pressure.
New listings: 787
Sales: 273
Sales-to-new-listings ratio: 35%
Inventory: 1,435 units (record high for January)
Months of supply: Over 5 months
With elevated supply, prices trended lower.
Benchmark price: $301,200
Month-over-month: Down nearly 1%
Year-over-year: Down 8%
Price declines were widespread across all districts, ranging from 13% in the North East to 6% in the City Centre.
Regional Market Highlights
Airdrie
Sales remained relatively strong despite a year-over-year decline. Inventory growth pushed the months of supply slightly above three months, consistent with long-term norms.
Benchmark price: $513,900
Year-over-year: Down 5%
Cochrane
New listings reached a record January high, while sales remained limited.
Months of supply: 5 months
Benchmark price: $550,800
Change: Down nearly 2% from both December and January 2025
Okotoks
Low inventory continued to constrain sales activity.
Months of supply: Just over 2 months
Benchmark price: $599,500
Year-over-year: Down 2%
Outlook
January’s data points to a measured start to 2026, with clear divergence between housing types. Detached and semi-detached homes remain relatively balanced, while row and apartment segments continue to adjust under elevated supply.
As buyers and sellers reassess conditions ahead of the spring market, pricing and activity are expected to vary widely by location and property type. The coming months will be critical in determining whether high-density segments can absorb excess supply or if further adjustments lie ahead.